State Roundup: Oklahoma, Nevada, and Tennessee
August 1, 2004
Oklahoma: Specialty inspectors
Beginning Nov. 1, homebuyers can hire pool contractors and roofers, among other craftspeople, to provide home inspections relating to their areas of expertise. The law, backed by the Oklahoma Association of REALTORS®, will help buyers who want inspections for features that home inspectors aren’t required to inspect, says Charla Slabotsky, e-PRO®, OAR director of government and public affairs. Professionals with occupational licenses, such as plumbers and heating and air conditioning specialists, can already conduct inspections in areas of their expertise without separate licensing as home inspectors. The new law adds that same license exemption to craftspeople.
Nevada: Room to grow.
A consortium of eight homebuilders paid $557 million—more than double the $250 million appraised value—for 1,940 acres of land outside Las Vegas from the U.S. Bureau of Land Management. The consortium plans to build homes at a mix of prices, says John Ritter, CEO of Focus Property Group, the lead company in the consortium. The median new-home price in the area is about $240,000, according to the Southern Nevada Home Builders Association. Proceeds from BLM auctions in the state go to conservation of environmentally sensitive lands in Nevada and to certain state education and water resource funds.
Tennessee: Eye on predators
Regulators gained a tool for tracking mortgage loan originators in the state with enactment of a law requiring them to register with the Tennessee Department of Financial Institutions. “This is the first step toward cracking down on lenders who are taking advantage of borrowers,” says Rob Broome, director of governmental affairs for the Tennessee Association of REALTORS®. REALTORS® in the state sent more than 1,100 e-mail messages urging lawmakers to pass the law, which was enacted in late May and takes effect Jan. 1, 2005.
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Updated: September 30, 2022